The NFA announced that, effective September 1, 2012, the following requirements will take effect: Any FCM that makes a withdrawal from its customer segregated funds account(s) or its foreign futures and foreign options customer secured amount funds account(s), which withdrawal is not for the benefit of customers and exceeds 25% of the FCM's residual interest in either such account, must: (i) receive written preapproval from the CEO, CFO, or a listed principal of the firm who holds a position with knowledge of the FCM's financial requirements and position; and (ii) file a written preapproval

The MSRB has announced that it will cohost (with SIFMA) a municipal securities regulation seminar for market participants. When: Tuesday, October 2, 2012 from 2:30 to 5:30 p.m. Where: SIFMA's headquarters, 120 Broadway, New York, New York 10271 A panel will address current MSRB initiatives. These include: underwriters' duty to issuers; retail order periods; regulations of brokers' brokers; and the development of risk-based examinations. MSRB Rule G-23 and the role-switching prohibition also will be discussed. View press release here (links externally to MSRB website).

Rule changes and proposals from C2, DTC, EDGA, EDGX, NASDAQ, NYSE Arca, NYSEMKT and OCC. C2: Effective Immediately - Rule Change to Amend the Fees Schedule C2: Effective Immediately - Rule Change to Amend the Fees Schedule DTC: Effective Immediately - Rule Change to Make Updates to its Custody Service DTC: Effective Immediately - Rule Change to Update Existing Procedures as They Relate to Processing Mandatory Corporate Actions EDGA: Final Rule - Amend EDGA Rules Regarding Market Access EDGX: Final Rule - Amend EDGX Rules Regarding Market Access NASDAQ: Effective Immediately - Rule Change to

SEC Commissioner Luis A. Aguilar made a statement addressing the issue of additional structural changes to the cash management industry (i.e., SEC registered money market funds). Commissioner Aguilar argued that there are larger macro questions and concerns about the cash management industry as a whole that must be considered before the money market funds industry is fundamentally altered. Therefore, in his view, to move forward with further rules changes as to money market funds at this time is to risk serious and damaging consequences. In particular, Commissioner Aguilar expressed his

The OCC is issuing a new booklet (titled "Unique and Hard-to-Value Assets") of the Comptroller's Handbook in the asset management series, which provides guidance to examiners and bankers on assessing the management of unique and hard-to-value assets. Asset management accounts can hold insurance, collectibles and animals as well as loans and leases. Many of these asset classes require specialized expertise, controls and valuation methods. The booklet addresses the following issues: Discussions of the types of unique and hard-to-value assets and the specific characteristics of each. Asset review